The question (15 marks)
Discuss the establishment, composition, duties and powers of the Insurance Regulatory and Development Authority under the IRDA Act 1999. How far do the obligations imposed on insurers towards the rural and social sectors reflect its developmental role? (15 marks)
Syllabus heads 2.1 and 2.2; built from the Module 2 chapter.
Plan your answer on paper before you look at the authorities — issue first, then the rule, then apply it to these facts.
It tests Unit 2 · The Regulatory Framework, Life Insurance and Motor Third-Party of Law of Insurance.
Authorities you will need
- Insurance Regulatory and Development Authority Act 1999, ss. 3, 4, 14, 25
- Insurance Act 1938, ss. 32B, 32C, 32D, 105B
How an answer is marked
A full-marks answer names the issue in one line, states the rule with its section, cites the authority, applies it to these facts and concludes — in that order. The app's model answer for this question is written in exactly that shape, with a checklist to mark your own attempt against.